Tim Cook hinted that Apple is gearing up for a buying spree of smaller technology companies

Apple is giving strong hints that it sees the current landscape as a buyer's market for technology companies.

"In times when equity values are falling there's great opportunity to" purchase companies, Apple CEO Tim Cook said at the company's annual shareholder's meeting, held in Cupertino, California on Friday.

He's looking for "great technology and great people."

Cook mentioned that in the past 15 months, Apple had purchased 19 companies.

Apple previously said that it had purchased 15 companies in 2015.

During Apple's most recent earnings conference call, Cook hinted he was looking for deals as the market softens.

"Obviously from a cost point of view the downside of some economic stress is that some asset prices get cheaper, commodity prices get cheaper, and that sort of thing. So I think this is exactly the period that you want to invest and do so confidently," Cook said at the time.